This investment was made when British International Investment was named CDC Group.
Our investment
Description of the investment.
Description of the investment.
In 2012, CDC invested $30 million in the Africa Credit fund. The fund is also supported by Dutch development bank, FMO.
The Investec Asset Management team is aiming to raise up to $350 million for the fund from commercial investors both in Africa and beyond to provide much-needed capital to African businesses.
Expected impact
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
There is a shortage of credit in sub-Saharan Africa for private sector businesses.
The fund aims to bring in other institutional investors and ensure that their money will be used to provide debt capital to companies across sub-Saharan Africa.
The Investec Fund will typically provide capital to businesses and projects which already support local employment, enabling access to longer term funding.
The finance may be used as working capital or to fund expansion, enabling the creation of jobs.
Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We worked closely with the fund manager to contribute to the development and implementation of an ESMS.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- Last updated
When the last quarterly update of the website database occurred.
- June 2024
- Project number
An identifier number shared by investments in the same project.
- D231
- Status
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Africa, West Africa
- Sector
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Communications & IT services, Construction & Real estate, Consumer - other services, Financial services, Food & Agriculture, Generalist, Infrastructure, Manufacturing, Other
- Investment type :
- Fund
- Start date :
- December 2012
- Amount :
- $30m
- Currency of investment :
- USD
- Fund Manager:
- Ninety One Asset Management
- Domicile
The company or investment fund’s place of incorporation.
- Guernsey
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
Investments made by this fund into companies:
For further information about these companies, visit https://www.investec.com/en_gb.html
Investment name | Country | Region | Sector | Start date | Status |
---|---|---|---|---|---|
Afrexim Bank Trade Finance MRPA | Africa | Africa | Financial services | June 2017 | Exited |
Afri Flowers Holding B.V. (Afriflora)/Flamingo Horticulture Ltd (Flamingo) | Ethiopia | East Africa | Food & Agriculture | March 2020 | Exited |
Africa Finance Corporation | Tanzania | East Africa | Financial services | December 2016 | Exited |
Air Rwanda | Rwanda | East Africa | Consumer - other services | December 2019 | Active |
Baía Mall | Mozambique | East Africa | Construction & Real estate | December 2018 | Active |
Bayport Management Limited | Mauritius | East Africa | Financial services | September 2017 | Exited |
Centum Investment Limited | Africa | Africa | Financial services | September 2017 | Exited |
Dangote Industries Limited | Nigeria | West Africa | Manufacturing | December 2019 | Exited |
Eastern and Southern African Trade & Development Bank | Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eswatini, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Seychelles, South Sudan, Sudan, Tanzania, Uganda, Zambia, Zimbabwe | Central Africa, East Africa, North Africa, Southern Africa | Financial services | June 2015 | Exited |
Ecobank | Africa, Nigeria | Africa, West Africa | Financial services | December 2018 | Exited |
Equity Bank (Kenya) Ltd. | Kenya | East Africa | Financial services | December 2018 | Exited |
FBC Holdings Limited | Zimbabwe | Southern Africa | Financial services | December 2014 | Exited |
First Bank Nigeria | Nigeria | West Africa | Financial services | December 2014 | Exited |
FirstRand Bank Ltd. | South Africa | Southern Africa | Financial services | December 2018 | Exited |
Ghana Home Loans | Ghana | West Africa | Financial services | December 2019 | Exited |
Globeleq Africa Holdings | Africa | Africa | Infrastructure | December 2014 | Exited |
Grain Bulk Handlers Ltd | Kenya | East Africa | Infrastructure | March 2020 | Exited |
Gruppo Limited (Ikeja Mall) | Nigeria | West Africa | Construction & Real estate | December 2014 | Exited |
GTB | Nigeria | West Africa | Financial services | December 2014 | Exited |
Helios Investors III | Africa | Africa | Generalist | December 2019 | Exited |
Helios Towers Nigeria Ltd | Nigeria | West Africa | Communications & IT services | December 2014 | Exited |
Helios Towers PLC | Ghana | West Africa | Communications & IT services | June 2020 | Exited |
IHS Nigeria | Nigeria | West Africa | Communications & IT services | December 2014 | Exited |
IHS Zambia Ltd | Zambia | Southern Africa | Communications & IT services | December 2014 | Exited |
Intrepid Aviation | Namibia | Southern Africa | Manufacturing | December 2014 | Exited |
Karadeniz Powerships | Ghana | West Africa | Infrastructure | March 2016 | Exited |
Kosmos Energy | Ghana | West Africa | Other | December 2014 | Exited |
Letshego Holdings | Botswana | Southern Africa | Financial services | June 2015 | Exited |
Liquid Telecommunications Holding Limited | Kenya, Mauritius, Rwanda, South Africa, United Kingdom, Zambia, Zimbabwe | East Africa, Southern Africa, Western Europe | Communications & IT services | December 2016 | Exited |
Millicom Tanzania | Tanzania | East Africa | Communications & IT services | August 2020 | Exited |
Mozaza Logistics (J&J Trucking) | Mozambique | East Africa | Manufacturing | June 2018 | Active |
MTN Mauritius | Mauritius | East Africa | Communications & IT services | June 2016 | Exited |
Netis Holdings | Africa | Africa | Communications & IT services | December 2020 | Active |
Persianas Limited | Nigeria | West Africa | Construction & Real estate | June 2015 | Active |
Seacom Limited | Africa | Africa | Communications & IT services | December 2017 | Exited |
United Bank for Africa Plc | Nigeria | West Africa | Financial services | December 2018 | Exited |
Zenith Bank Plc | Nigeria | West Africa | Financial services | March 2015 | Exited |